Songa Offshore Secures $1.1b Credit Facility for Cat D 3 and 4

Source: www.gulfoilandgas.com 6/27/2014, Location: Europe

Songa Offshore SE has received a firm commitment from banks and an Export Credit Agency for the financing of the Cat D 3 and 4 newbuilds with a pre-delivery financing of USD 90 million per rig and a post-delivery financing of USD 550 million per rig. The terms of the financing are at competitive terms and the Company plans to complete final documentation of the transactions in third quarter 2014. The commercial tranche of the senior secured credit facility is underwritten.